Michelin: Bryan Garnier still a buyer; adjusts target price

(CercleFinance.com) - While trimming fair value for the share from 141 euros to 139 euros, to reflect the strength of the dollar, Bryan Garnier maintains a "buy" rating on Michelin after the group's publication of a record 2017 operating profit and EPS.

Volumes have been solid, as have the price effects, enabling the tyre maker to generate a significant free cash flow and boost its dividend (+9%), the broker points out.

Although 2018 earnings will again be affected by the strength of the dollar, Bryan Garnier thinks that Michelin should easily be able to easily report a 6% increase in its operating profit (excluding integration agreement with Sumitomo).

Copyright (c) 2018 CercleFinance.com. All rights reserved.The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.